Brian Broesder and Westin Lovy joined Man Group as managing directors, part of the hedge fund manager's expansion into less liquid private market strategies.
Messrs. Broesder and Lovy are co-founders and principals of Bridge Lane Capital, which is closing. The pair are the firm's only employees to move to Man Group's Connecticut office where they will continue to manage their $125 million private debt portfolios, said a Man Group spokeswoman. Bridge Lane's strategy targets transactions with small and lower middle-market North American companies.
“We are excited to join Man Group and to have the opportunity to benefit from the firm's support and diverse expertise as we continue to serve our clients,” Mr. Lovy said in the news release.
Jonathan Sorrell, chief financial officer and co-president of Man Group, said in the release that the addition of the Bridge Lane duo is “demonstrative of our business strategy to explore new and complementary ways to leverage resources across the firm.”
Man Group managed $76 billion as of June 30, $46 billion of which was managed in hedge funds.